The Taylor Market Report (6/4/24)

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Common Sense for Uncommon Markets

By Bill Taylor, CEO / Digital Wealth News and AI & Finance


DISCLAIMER: The opinions expressed below are my own & do not represent those of Digital Wealth News or any affiliates.  Any financial advice included in the column is for entertainment purposes only.

Bullish for week of 6/4/24
BTC       

Neutral for the week of 6/4/24
GOLD | S&P 500 | ETH

Bearish for week of 6/4/24
N/A

6/4/24 Closing Prices :

BTC: $70,469.10 | +3.3% | (Tue-Tue)
ETH: $3,798.01  | -0.05% | (Tue-Tue)
Gold: $2,303 | -1.3% | (Tue-Tue)
S&P 500: 5,291.34 | -0.03% | (Tue-Tue)


HAPPY JUNE. At the end of this month, the year will be half over. Whew! Going fast.

Oh, it’s also the beginning of summer (unless you are south of the equator where it’s winter) and time for vacations. I mention that to remind you that unless you have BITCOIN, those poolside/beach-side drinks are going to cost more. Holding BITCOIN is a great hedge against rising vacation drink costs.

Once again, as I have mentioned, there isn’t much going on. It’s summer. You may think there is stuff happening, but there isn’t. So far, every anticipated economic release, Fed meeting, geopolitical event is a big nothing. Probably the same as this Friday’s release of employment (or, lack of) as in the NFP (non-farm payrolls). A strong number is inflationary (Fed stands pat on interest rates), or a weak number signals recession (Fed may lower rates). Better yet, it won’t matter. It’s just noise for a while.

So, with summer just getting under way and vacation time picking up, I continue to stress the need for market neutrality……EXCEPT BITCOIN. Gold is off for the week (Tue-Tue), ETH is pausing after getting spot ETF approval and the S&P 500 is lower (Tue-Tue) and wallowing around. BUT, BITCOIN arises.There’s where you want to be.

Now?

GOLD. I am neutral and plan to stay that way. Fed holds interest rates here (or higher) and it’s negative for GOLD. Fed cuts rates because of weakening economic growth or recession, negative for GOLD. Pick one. Stay neutral.

S&P 500. I want to be short (like, what’s new?), but it may be a long summer. Right now I see 55% bearish and 45% bullish odds. Not good risk/reward. Neutral.

ETHER. OK, ETH got approval for a spot ETF. It had a great run-up to the news, which is bullish but priced in. Let ETH sit for a bit. Neutral.

BITCOIN. Its going on a new blast higher. Be a buyer, add to positions and hold on. Let’s be looking at just under $100K on this move. GO BTC

A MAI TAI COSTS $10 BY THE POOL. IF YOU HAVE BITCOIN THAT COST MAY ACTUALLY DROP TO $7.50. ANOTHER ROUND FOR MY NEW POOL FRIENDS.

DON’T FORGET YOUR SUNSCREEN. HAPPY START OF SUMMER.


2024 TARGETS:

  • BITCOIN 2024……..$95K
  • ETH 2024…………???????????????
  • GOLD 2024……….??????????
  • S&P 500 2024……..?????????? 

Current trading positions: 

  •  LONG BITCOIN
  •  NEUTRAL ETH
  • NEUTRAL GOLD
  • NEUTRAL S&P 500

We compare the price of Bitcoin, Ethereum, Gold & the S&P 500. We use the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement on the digital assets & gold.


Bill Taylor is CEO of Digital Wealth News. He is widely published & quoted in financial media and an international expert on markets and BTC, ETH, Gold & SP500.

His opinions are solely his own and for informative purposes only.